Contract

Exhibit 10. FORM OF PROMISSORY NOTES
April 10, 2006
Salt Lake City, Utah
$2,500.00
PROMISSORY NOTE
FOR VALUE RECEIVED, receipt of which the undersigned hereby
acknowledges, the undersigned, WEST COAST CAR COMPANY, INC. ("Borrower"),
hereby promises to pay to Jeff Jenson ("Lender"), the
principal sum of $2,500, according to the following terms and conditions:
1. Interest. The principal sum of this Note shall bear simple
interest at the rate of eight percent (8%) per annum.
2. Payment. All payments of principal and interest shall be in
lawful money of the United States of America. The entire outstanding
principal and interest balance shall become due and payable on demand
of the Lender. This Note is full recourse.
3. Application of Payments. All payments shall be applied first to
accrued interest and thereafter to outstanding principal.
4. Prepayment. This Note may be prepaid without penalty, in full or
in part, at any time.
5. Governing Law. This Note shall be governed by and construed
under the laws of the State of Utah as applied to agreements between
Utah residents entered into and to be performed entirely within Utah.
6. Enforcement. Borrower shall be liable for any and all costs of
the Lender in enforcing payment of this Note, including attorney's
fees.
7. Waiver. Borrower hereby waives demand, protest, dishonor,
presentment and notice of non-payment.
BORROWER
WEST COAST CAR COMPANY, INC.
/s/ Robert Worthington
- --------------------------
Robert Worthington
West Coast Car Company, Inc.
FORM OF LOAN AGREEMENT
LOAN AGREEMENT
Loan Agreement made this 10th day of April 2006 by and between
West Coast Car Company, Inc., a Delaware company ("Borrower" or "Company")
and Jeff Jenson.
In consideration of the mutual terms, conditions and covenants
hereinafter set forth Borrower and Lender agree as follows:
1. Loan: Subject to and in accordance with this Agreement, its
terms, conditions and covenants Lender agrees to lend to Borrower on
April 10, 2006 (the "Closing" date) the principal sum of $2,500.
2. Note: The Loan shall be evidenced by a Promissory Note in the
form attached hereto as Exhibit A (the "Note") executed by the Borrower
and delivered to Lender on Closing.
3. Interest: The Loan shall bear interest on the unpaid principal
at an annual rate of eight percent (8%). In the event of a default in
payment the aforesaid interest rate shall apply to the total of
principal and interest due at the time of default.
4. Payment: Payment shall be in accordance with the terms
contained in the Note. The Note may, at any time and from time to time,
be paid or prepaid in whole or in part without premium or penalty. Upon
the payment of the outstanding principal in full or all of the
installments, if any, the interest on the Loan shall be computed and a
final adjustment and payment of interest shall be made within five (5)
days of the receipt of notice. Interest shall be calculated on the
basis of a year of 360 days and the actual number of days elapsed and
paid monthly.
5. Representations and Warranties: Borrower represents and
warrants: (i) that the execution, delivery and performance of this
Agreement and the Promissory Note have been duly authorized and are
proper.
6. Default: Borrower shall be in default: (i) if any payment due
hereunder is not made within thirty (30) days of the date due; (ii) in
the event of assignment by Borrower for the benefit of creditors; (iii)
upon the filing of any voluntary or involuntary petition in bankruptcy
by or against Borrower; or (iv) if Borrower has breached any
representation or warranty specified in this Agreement.
7. Miscellaneous. This Amendment may be executed by facsimile in
any number of counterparts, each of which when so executed and
delivered shall be deemed an original and all of which counterparts,
taken together, shall constitute one and the same instrument. This
Amendment shall be governed in all respects by the laws of the State of
Utah as such laws are applied to agreements between Utah residents
entered into and performed entirely in Utah.
INTENDING TO BE LEGALLY BOUND, the parties hereto have caused this Loan
Agreement to be executed as of the date first above written.
BORROWER: LENDER:
West Coast Car Company, Inc.
/s/ Robert Worthington /s/ Jeff Jenson
- ---------------------- -------------------
Robert Worthington Jeff Jenson
33055 Harmony Lane 1608 W. 2225 S.
Temecula, California Woods Cross, Utah
April 13, 2006
Salt Lake City, Utah
$2,500.00
PROMISSORY NOTE
FOR VALUE RECEIVED, receipt of which the undersigned hereby
acknowledges, the undersigned, WEST COAST CAR COMPANY, INC. ("Borrower"),
hereby promises to pay to Jeff Jenson ("Lender"), the
principal sum of $2,500, according to the following terms and conditions:
1. Interest. The principal sum of this Note shall bear simple
interest at the rate of eight percent (8%) per annum.
2. Payment. All payments of principal and interest shall be in
lawful money of the United States of America. The entire outstanding
principal and interest balance shall become due and payable on demand
of the Lender. This Note is full recourse.
3. Application of Payments. All payments shall be applied first to
accrued interest and thereafter to outstanding principal.
4. Prepayment. This Note may be prepaid without penalty, in full or
in part, at any time.
5. Governing Law. This Note shall be governed by and construed
under the laws of the State of Utah as applied to agreements between
Utah residents entered into and to be performed entirely within Utah.
6. Enforcement. Borrower shall be liable for any and all costs of
the Lender in enforcing payment of this Note, including attorney's
fees.
7. Waiver. Borrower hereby waives demand, protest, dishonor,
presentment and notice of non-payment.
BORROWER
WEST COAST CAR COMPANY, INC.
/s/ Robert Worthington
- --------------------------
Robert Worthington
West Coast Car Company, Inc.
FORM OF LOAN AGREEMENT
LOAN AGREEMENT
Loan Agreement made this 13th day of April 2006 by and between
West Coast Car Company, Inc., a Delaware company ("Borrower" or "Company")
and Jeff Jenson.
In consideration of the mutual terms, conditions and covenants
hereinafter set forth Borrower and Lender agree as follows:
1. Loan: Subject to and in accordance with this Agreement, its
terms, conditions and covenants Lender agrees to lend to Borrower on
April 13, 2006 (the "Closing" date) the principal sum of $2,500.
2. Note: The Loan shall be evidenced by a Promissory Note in the
form attached hereto as Exhibit A (the "Note") executed by the Borrower
and delivered to Lender on Closing.
3. Interest: The Loan shall bear interest on the unpaid principal
at an annual rate of eight percent (8%). In the event of a default in
payment the aforesaid interest rate shall apply to the total of
principal and interest due at the time of default.
4. Payment: Payment shall be in accordance with the terms
contained in the Note. The Note may, at any time and from time to time,
be paid or prepaid in whole or in part without premium or penalty. Upon
the payment of the outstanding principal in full or all of the
installments, if any, the interest on the Loan shall be computed and a
final adjustment and payment of interest shall be made within five (5)
days of the receipt of notice. Interest shall be calculated on the
basis of a year of 360 days and the actual number of days elapsed and
paid monthly.
5. Representations and Warranties: Borrower represents and
warrants: (i) that the execution, delivery and performance of this
Agreement and the Promissory Note have been duly authorized and are
proper.
6. Default: Borrower shall be in default: (i) if any payment due
hereunder is not made within thirty (30) days of the date due; (ii) in
the event of assignment by Borrower for the benefit of creditors; (iii)
upon the filing of any voluntary or involuntary petition in bankruptcy
by or against Borrower; or (iv) if Borrower has breached any
representation or warranty specified in this Agreement.
7. Miscellaneous. This Amendment may be executed by facsimile in
any number of counterparts, each of which when so executed and
delivered shall be deemed an original and all of which counterparts,
taken together, shall constitute one and the same instrument. This
Amendment shall be governed in all respects by the laws of the State of
Utah as such laws are applied to agreements between Utah residents
entered into and performed entirely in Utah.
INTENDING TO BE LEGALLY BOUND, the parties hereto have caused this Loan
Agreement to be executed as of the date first above written.
BORROWER: LENDER:
West Coast Car Company, Inc.
/s/ Robert Worthington /s/ Jeff Jenson
- ---------------------- -------------------
Robert Worthington Jeff Jenson
33055 Harmony Lane 1608 W. 2225 S.
Temecula, California Woods Cross, Utah
- ---
May 2, 2006
Salt Lake City, Utah
$500.00
PROMISSORY NOTE
FOR VALUE RECEIVED, receipt of which the undersigned hereby
acknowledges, the undersigned, WEST COAST CAR COMPANY, INC. ("Borrower"),
hereby promises to pay to Jeff Jenson ("Lender"), the
principal sum of $500, according to the following terms and conditions:
1. Interest. The principal sum of this Note shall bear simple
interest at the rate of eight percent (8%) per annum.
2. Payment. All payments of principal and interest shall be in
lawful money of the United States of America. The entire outstanding
principal and interest balance shall become due and payable on demand
of the Lender. This Note is full recourse.
3. Application of Payments. All payments shall be applied first to
accrued interest and thereafter to outstanding principal.
4. Prepayment. This Note may be prepaid without penalty, in full or
in part, at any time.
5. Governing Law. This Note shall be governed by and construed
under the laws of the State of Utah as applied to agreements between
Utah residents entered into and to be performed entirely within Utah.
6. Enforcement. Borrower shall be liable for any and all costs of
the Lender in enforcing payment of this Note, including attorney's
fees.
7. Waiver. Borrower hereby waives demand, protest, dishonor,
presentment and notice of non-payment.
BORROWER
WEST COAST CAR COMPANY, INC.
/s/ Robert Worthington
- --------------------------
Robert Worthington
West Coast Car Company, Inc.
FORM OF LOAN AGREEMENT
LOAN AGREEMENT
Loan Agreement made this 2nd day of May 2006 by and between
West Coast Car Company, Inc., a Delaware company ("Borrower" or "Company")
and Jeff Jenson.
In consideration of the mutual terms, conditions and covenants
hereinafter set forth Borrower and Lender agree as follows:
1. Loan: Subject to and in accordance with this Agreement, its
terms, conditions and covenants Lender agrees to lend to Borrower on
May 2, 2006 (the "Closing" date) the principal sum of $500.
2. Note: The Loan shall be evidenced by a Promissory Note in the
form attached hereto as Exhibit A (the "Note") executed by the Borrower
and delivered to Lender on Closing.
3. Interest: The Loan shall bear interest on the unpaid principal
at an annual rate of eight percent (8%). In the event of a default in
payment the aforesaid interest rate shall apply to the total of
principal and interest due at the time of default.
4. Payment: Payment shall be in accordance with the terms
contained in the Note. The Note may, at any time and from time to time,
be paid or prepaid in whole or in part without premium or penalty. Upon
the payment of the outstanding principal in full or all of the
installments, if any, the interest on the Loan shall be computed and a
final adjustment and payment of interest shall be made within five (5)
days of the receipt of notice. Interest shall be calculated on the
basis of a year of 360 days and the actual number of days elapsed and
paid monthly.
5. Representations and Warranties: Borrower represents and
warrants: (i) that the execution, delivery and performance of this
Agreement and the Promissory Note have been duly authorized and are
proper.
6. Default: Borrower shall be in default: (i) if any payment due
hereunder is not made within thirty (30) days of the date due; (ii) in
the event of assignment by Borrower for the benefit of creditors; (iii)
upon the filing of any voluntary or involuntary petition in bankruptcy
by or against Borrower; or (iv) if Borrower has breached any
representation or warranty specified in this Agreement.
7. Miscellaneous. This Amendment may be executed by facsimile in
any number of counterparts, each of which when so executed and
delivered shall be deemed an original and all of which counterparts,
taken together, shall constitute one and the same instrument. This
Amendment shall be governed in all respects by the laws of the State of
Utah as such laws are applied to agreements between Utah residents
entered into and performed entirely in Utah.
INTENDING TO BE LEGALLY BOUND, the parties hereto have caused this Loan
Agreement to be executed as of the date first above written.
BORROWER: LENDER:
West Coast Car Company, Inc.
/s/ Robert Worthington /s/ Jeff Jenson
- ---------------------- -------------------
Robert Worthington Jeff Jenson
33055 Harmony Lane 1608 W. 2225 S.
Temecula, California Woods Cross, Utah
- ---
May 18, 2006
Salt Lake City, Utah
$5,000.00
PROMISSORY NOTE
FOR VALUE RECEIVED, receipt of which the undersigned hereby
acknowledges, the undersigned, WEST COAST CAR COMPANY, INC. ("Borrower"),
hereby promises to pay to Jeff Jenson ("Lender"), the
principal sum of $5000, according to the following terms and conditions:
1. Interest. The principal sum of this Note shall bear simple
interest at the rate of eight percent (8%) per annum.
2. Payment. All payments of principal and interest shall be in
lawful money of the United States of America. The entire outstanding
principal and interest balance shall become due and payable on demand
of the Lender. This Note is full recourse.
3. Application of Payments. All payments shall be applied first to
accrued interest and thereafter to outstanding principal.
4. Prepayment. This Note may be prepaid without penalty, in full or
in part, at any time.
5. Governing Law. This Note shall be governed by and construed
under the laws of the State of Utah as applied to agreements between
Utah residents entered into and to be performed entirely within Utah.
6. Enforcement. Borrower shall be liable for any and all costs of
the Lender in enforcing payment of this Note, including attorney's
fees.
7. Waiver. Borrower hereby waives demand, protest, dishonor,
presentment and notice of non-payment.
BORROWER
WEST COAST CAR COMPANY, INC.
/s/ Robert Worthington
- --------------------------
Robert Worthington
West Coast Car Company, Inc.
FORM OF LOAN AGREEMENT
LOAN AGREEMENT
Loan Agreement made this 18th day of May 2006 by and between
West Coast Car Company, Inc., a Delaware company ("Borrower" or "Company")
and Jeff Jenson.
In consideration of the mutual terms, conditions and covenants
hereinafter set forth Borrower and Lender agree as follows:
1. Loan: Subject to and in accordance with this Agreement, its
terms, conditions and covenants Lender agrees to lend to Borrower on
May 18, 2006 (the "Closing" date) the principal sum of $5,000.
2. Note: The Loan shall be evidenced by a Promissory Note in the
form attached hereto as Exhibit A (the "Note") executed by the Borrower
and delivered to Lender on Closing.
3. Interest: The Loan shall bear interest on the unpaid principal
at an annual rate of eight percent (8%). In the event of a default in
payment the aforesaid interest rate shall apply to the total of
principal and interest due at the time of default.
4. Payment: Payment shall be in accordance with the terms
contained in the Note. The Note may, at any time and from time to time,
be paid or prepaid in whole or in part without premium or penalty. Upon
the payment of the outstanding principal in full or all of the
installments, if any, the interest on the Loan shall be computed and a
final adjustment and payment of interest shall be made within five (5)
days of the receipt of notice. Interest shall be calculated on the
basis of a year of 360 days and the actual number of days elapsed and
paid monthly.
5. Representations and Warranties: Borrower represents and
warrants: (i) that the execution, delivery and performance of this
Agreement and the Promissory Note have been duly authorized and are
proper.
6. Default: Borrower shall be in default: (i) if any payment due
hereunder is not made within thirty (30) days of the date due; (ii) in
the event of assignment by Borrower for the benefit of creditors; (iii)
upon the filing of any voluntary or involuntary petition in bankruptcy
by or against Borrower; or (iv) if Borrower has breached any
representation or warranty specified in this Agreement.
7. Miscellaneous. This Amendment may be executed by facsimile in
any number of counterparts, each of which when so executed and
delivered shall be deemed an original and all of which counterparts,
taken together, shall constitute one and the same instrument. This
Amendment shall be governed in all respects by the laws of the State of
Utah as such laws are applied to agreements between Utah residents
entered into and performed entirely in Utah.
INTENDING TO BE LEGALLY BOUND, the parties hereto have caused this Loan
Agreement to be executed as of the date first above written.
BORROWER: LENDER:
West Coast Car Company, Inc.
/s/ Robert Worthington /s/ Jeff Jenson
- ---------------------- -------------------
Robert Worthington Jeff Jenson
33055 Harmony Lane 1608 W. 2225 S.
Temecula, California Woods Cross, Utah
- -----
June 2, 2006
Salt Lake City, Utah
$2,500.00
PROMISSORY NOTE
FOR VALUE RECEIVED, receipt of which the undersigned hereby
acknowledges, the undersigned, WEST COAST CAR COMPANY, INC. ("Borrower"),
hereby promises to pay to Jeff Jenson ("Lender"), the
principal sum of $2,500, according to the following terms and conditions:
1. Interest. The principal sum of this Note shall bear simple
interest at the rate of eight percent (8%) per annum.
2. Payment. All payments of principal and interest shall be in
lawful money of the United States of America. The entire outstanding
principal and interest balance shall become due and payable on demand
of the Lender. This Note is full recourse.
3. Application of Payments. All payments shall be applied first to
accrued interest and thereafter to outstanding principal.
4. Prepayment. This Note may be prepaid without penalty, in full or
in part, at any time.
5. Governing Law. This Note shall be governed by and construed
under the laws of the State of Utah as applied to agreements between
Utah residents entered into and to be performed entirely within Utah.
6. Enforcement. Borrower shall be liable for any and all costs of
the Lender in enforcing payment of this Note, including attorney's
fees.
7. Waiver. Borrower hereby waives demand, protest, dishonor,
presentment and notice of non-payment.
BORROWER
WEST COAST CAR COMPANY, INC.
/s/ Robert Worthington
- --------------------------
Robert Worthington
West Coast Car Company, Inc.
FORM OF LOAN AGREEMENT
LOAN AGREEMENT
Loan Agreement made this 2nd day of June 2006 by and between
West Coast Car Company, Inc., a Delaware company ("Borrower" or "Company")
and Jeff Jenson.
In consideration of the mutual terms, conditions and covenants
hereinafter set forth Borrower and Lender agree as follows:
1. Loan: Subject to and in accordance with this Agreement, its
terms, conditions and covenants Lender agrees to lend to Borrower on
June 2, 2006 (the "Closing" date) the principal sum of $2,500.
2. Note: The Loan shall be evidenced by a Promissory Note in the
form attached hereto as Exhibit A (the "Note") executed by the Borrower
and delivered to Lender on Closing.
3. Interest: The Loan shall bear interest on the unpaid principal
at an annual rate of eight percent (8%). In the event of a default in
payment the aforesaid interest rate shall apply to the total of
principal and interest due at the time of default.
4. Payment: Payment shall be in accordance with the terms
contained in the Note. The Note may, at any time and from time to time,
be paid or prepaid in whole or in part without premium or penalty. Upon
the payment of the outstanding principal in full or all of the
installments, if any, the interest on the Loan shall be computed and a
final adjustment and payment of interest shall be made within five (5)
days of the receipt of notice. Interest shall be calculated on the
basis of a year of 360 days and the actual number of days elapsed and
paid monthly.
5. Representations and Warranties: Borrower represents and
warrants: (i) that the execution, delivery and performance of this
Agreement and the Promissory Note have been duly authorized and are
proper.
6. Default: Borrower shall be in default: (i) if any payment due
hereunder is not made within thirty (30) days of the date due; (ii) in
the event of assignment by Borrower for the benefit of creditors; (iii)
upon the filing of any voluntary or involuntary petition in bankruptcy
by or against Borrower; or (iv) if Borrower has breached any
representation or warranty specified in this Agreement.
7. Miscellaneous. This Amendment may be executed by facsimile in
any number of counterparts, each of which when so executed and
delivered shall be deemed an original and all of which counterparts,
taken together, shall constitute one and the same instrument. This
Amendment shall be governed in all respects by the laws of the State of
Utah as such laws are applied to agreements between Utah residents
entered into and performed entirely in Utah.
INTENDING TO BE LEGALLY BOUND, the parties hereto have caused this Loan
Agreement to be executed as of the date first above written.
BORROWER: LENDER:
West Coast Car Company, Inc.
/s/ Robert Worthington /s/ Jeff Jenson
- ---------------------- -------------------
Robert Worthington Jeff Jenson
33055 Harmony Lane 1608 W. 2225 S.
Temecula, California Woods Cross, Utah
June 20, 2006
Salt Lake City, Utah
$1,625.00
PROMISSORY NOTE
FOR VALUE RECEIVED, receipt of which the undersigned hereby
acknowledges, the undersigned, WEST COAST CAR COMPANY, INC. ("Borrower"),
hereby promises to pay to Jeff Jenson ("Lender"), the
principal sum of $1,625, according to the following terms and conditions:
1. Interest. The principal sum of this Note shall bear simple
interest at the rate of eight percent (8%) per annum.
2. Payment. All payments of principal and interest shall be in
lawful money of the United States of America. The entire outstanding
principal and interest balance shall become due and payable on demand
of the Lender. This Note is full recourse.
3. Application of Payments. All payments shall be applied first to
accrued interest and thereafter to outstanding principal.
4. Prepayment. This Note may be prepaid without penalty, in full or
in part, at any time.
5. Governing Law. This Note shall be governed by and construed
under the laws of the State of Utah as applied to agreements between
Utah residents entered into and to be performed entirely within Utah.
6. Enforcement. Borrower shall be liable for any and all costs of
the Lender in enforcing payment of this Note, including attorney's
fees.
7. Waiver. Borrower hereby waives demand, protest, dishonor,
presentment and notice of non-payment.
BORROWER
WEST COAST CAR COMPANY, INC.
/s/ Robert Worthington
- --------------------------
Robert Worthington
West Coast Car Company, Inc.
FORM OF LOAN AGREEMENT
LOAN AGREEMENT
Loan Agreement made this 20th day of June 2006 by and between
West Coast Car Company, Inc., a Delaware company ("Borrower" or "Company")
and Jeff Jenson.
In consideration of the mutual terms, conditions and covenants
hereinafter set forth Borrower and Lender agree as follows:
1. Loan: Subject to and in accordance with this Agreement, its
terms, conditions and covenants Lender agrees to lend to Borrower on
June 20, 2006 (the "Closing" date) the principal sum of $1,625.
2. Note: The Loan shall be evidenced by a Promissory Note in the
form attached hereto as Exhibit A (the "Note") executed by the Borrower
and delivered to Lender on Closing.
3. Interest: The Loan shall bear interest on the unpaid principal
at an annual rate of eight percent (8%). In the event of a default in
payment the aforesaid interest rate shall apply to the total of
principal and interest due at the time of default.
4. Payment: Payment shall be in accordance with the terms
contained in the Note. The Note may, at any time and from time to time,
be paid or prepaid in whole or in part without premium or penalty. Upon
the payment of the outstanding principal in full or all of the
installments, if any, the interest on the Loan shall be computed and a
final adjustment and payment of interest shall be made within five (5)
days of the receipt of notice. Interest shall be calculated on the
basis of a year of 360 days and the actual number of days elapsed and
paid monthly.
5. Representations and Warranties: Borrower represents and
warrants: (i) that the execution, delivery and performance of this
Agreement and the Promissory Note have been duly authorized and are
proper.
6. Default: Borrower shall be in default: (i) if any payment due
hereunder is not made within thirty (30) days of the date due; (ii) in
the event of assignment by Borrower for the benefit of creditors; (iii)
upon the filing of any voluntary or involuntary petition in bankruptcy
by or against Borrower; or (iv) if Borrower has breached any
representation or warranty specified in this Agreement.
7. Miscellaneous. This Amendment may be executed by facsimile in
any number of counterparts, each of which when so executed and
delivered shall be deemed an original and all of which counterparts,
taken together, shall constitute one and the same instrument. This
Amendment shall be governed in all respects by the laws of the State of
Utah as such laws are applied to agreements between Utah residents
entered into and performed entirely in Utah.
INTENDING TO BE LEGALLY BOUND, the parties hereto have caused this Loan
Agreement to be executed as of the date first above written.
BORROWER: LENDER:
West Coast Car Company, Inc.
/s/ Robert Worthington /s/ Jeff Jenson
- ---------------------- -------------------
Robert Worthington Jeff Jenson
33055 Harmony Lane 1608 W. 2225 S.
Temecula, California Woods Cross, Utah